HONG KONG/TOKYO -- The dollar is losing share to the Chinese yuan in lending to developing nations in Asia, marking a rare success for Beijing in its yearslong efforts to challenge the dominance of the greenback.
Finance
Chinese banks trim dollar lending to developing Asia
Cheaper funding, geopolitical tensions boost growth in yuan loans
China’s efforts to bolster the global status of its currency in cross-border lending has gained traction since early 2022, primarily to developing countries in Asia. © Reuters
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